Cairo, Egypt – Commercial International Bank (CIB), Egypt’s leading private sector bank, signed a financing agreement with Arabian Construction Company (ACC) with a loan facility of EGP 3 billion or their equivalent in foreign currencies. Mentioned facility aims to support the company in implementing its Construction projects in Egypt and the Kingdom of Saudi Arabia.
The signing ceremony was held at ACC headquarters in Abu Dhabi. It was attended by Amr El Ganainy, Chief Executive Officer of Institutional Banking at CIB, Yasser Abdallah, Co-Head of Global Customer Relations Group at CIB, in addition to Global Customer Relations and Credit team members. From ACC side, The Group founders Eng. Ghassan El Merhebi and Mr. Mohamed Anas Mikati represented ACC Group at the ceremony, in addition to the rest of the esteemed members of the company’s board of directors.
“We are proud of reaching such financing agreement with a prominent market player like ACC, given its prestigious and solid history of more than 50 years and unprecedented accomplishments in the construction and urban planning field,” said El Ganainy. “This agreement testifies to CIB’s role in supporting the Egyptian economy and its commitment to sponsoring and executing crucial projects in all sectors, cementing the Bank’s role as the largest bank in the Egyptian market.”
ACC is one of the biggest contracting companies in the Middle East that specializes in construction and urban planning. It was established in 1967 and currently operates in the region through 12 branches in different countries, such as United Arab of Emirates, Saudi Arabia, Lebanon, Jordan, India and several countries in West Africa, including Côte d'Ivoire (Ivory Coast), Senegal, Benin, Cameron and Guinea.
Egypt’s branch started operating in the contracting field in 1998. It worked on a number of exceptional projects, starting with the construction of 57357 Hospital. The company also executed major commercial, administrative, residential, tourism and hospitality projects for some of the biggest real estate developers in Egypt and the Middle East, including but not limited to, Al-Futtaim Real Estate Group, Emaar Misr and Capital Group.
In cooperation with the Egyptian General Company for Tourism and Hotels (EGOTH) and Misr Company for Tourism, Hotels and Cinema, ACC developed some of the biggest and most significant hotels in Cairo and various governorates, such as The Nile Ritz-Carlton, Marriott Hotel, Cataract Aswan, Mövenpick Aswan and Helnan Palestine Hotel in Alexandria.